Background
After World War II, a republic was set up in the southern half of the Korean Peninsula. In 1997, the nation suffered a severe financial crisis from which it continues to make a solid recovery. South Korea has also maintained its commitment to democratize its political processes. In June 2000, a historic first South-North summit took place between the South's President Kim Dae-jung and the North's leader Kim Jong-il. In December 2000, President Kim Dae-jung won the Nobel Peace Prize for his lifelong commitment to democracy and human rights in Asia. He is the first Korean to win a Nobel Prize.
As one of the Four Tigers of East Asia, South Korea has achieved an incredible record of growth. Three decades ago GDP per capita was comparable with levels in the poorer countries of Africa and Asia. South Korea now has a market economy which ranks 14th in the world by nominal GDP and 12th by purchasing power parity (PPP), identifying it as one of the G-20 major economies. It is a high-income developed country and is a member of OECD. The South Korean economy is heavily dependent on international trade, and in 2010, South Korea was the sixth largest exporter and tenth largest importer in the world.This success through the late 1980s was achieved by a system of close government/business ties, including directed credit, import restrictions, sponsorship of specific industries, and a strong labor effort. The government promoted the import of raw materials and technology at the expense of consumer goods and encouraged savings and investment over consumption. The Asian financial crisis of 1997-99 exposed certain longstanding weaknesses in South Korea's development model, including high debt/equity ratios, massive foreign borrowing, and an undisciplined financial sector. Growth plunged by 6.6% in 1998, then strongly recovered to plus 10% in 1999 and 9% in 2000. Growth fell back to 3.3% in 2001 because of the slowing global economy, falling exports, and the perception that much-needed corporate and financial reforms have stalled.
South Korea hosted the fifth G20 summit in its capital city Seoul, from November 11, 2010 to November 12, 2010. The two-day summit is expected to boost Korea's economy by 31 trillion won, or 4% of Korea's 2010 GDP, in economic effects, and create over 160,000 jobs in Korea. It may also help improve the country's sovereign credit rating. Renowned financial organizations, such as the International Monetary Fund, also compliment the resilience of the South Korean economy against various economic crises, citing low state debt, and high fiscal reserves that can quickly be mobilized to address any expected financial emergencies. South Korea was one of the few developed countries that were able to avoid a recession during the global financial crisis, and its economic growth rate reached 6.2 percent in 2010 (the fastest growth for eight years after significant growth by 7.2 percent in 2002), a sharp recovery from economic growth rates of 2.3% in 2008 and 0.2% in 2009 when the global financial crisis hit.
Holidays
Jan 1 - New Year's Day
Feb 8-10* - Sollal (Lunar New Year)
Mar 1 - Independence Movement Day
Apr 5 - Arbor Day
May 1 - Labor Day (banks and workers, not Government)
May 5 - Children's Day
May 15* - Birth of Buddha
Jun 6 - Memorial Day
Jul 17 - Constitution Day
Aug 15 - Liberation Day
Sep 26-28* - Harvest Moon (Chusok)
Oct 3 - National Foundation Day
Dec 25 - Christmas Day
Ps: These festivals' date(*) given above are approximations which are subject to change every new year. The Summer vacation is the last week of July through the 1st week of August.
Phone Codes
Country Code: 82
Outgoing International Code: 001 or 002
Resources
Market Research
CIA - The World Factbook - South Korea
This website indicates a wide range of detail information about South Korea by introducing under 8 different fields as its geography, people, government, economy, communications, transportation, military, transnational issues.
About South Korea
There is available to find out South Korean general outlook on the issues of its social and business profile, passport/visa, money, accommodation, government, duty free, health and so forth.
KOREA.net
Korean government's official homepage, the gateway to information about Korea with seven categories: News, Government, Economy, Learn about Korea, Korean Culture, Issues, and a Directory.
KCCI, Korean Chamber of Commerce & Industry
Representative organization of Korea's private sector; provides business resources in market information, business law, taxation, statistics, directory of business organization, and trade inquiries.
KOTRA, Korea Trade, Investment Promotion Agency
Non-profit government organization committed to various trade promotion activities such as trade information, market research services and business matchmaking; provides general trade information in trade policy, export/import procedures, customs and tariffs policies, and on-line directory for Korean companies and products.
KIPO, Korean Intellectual Property Office
Responsible for the Industrial Property Rights (IPR) policies of the Korean government and administering the IPR laws; covers information on Korea's IPR system, up-to-date patent regulations, procedures for granting a patent, and links to other IPR related websites.
Joong Ang Daily
Korea's first global-local newspaper associated with the International Herald Tribune; provides global and local news in business, finance, politics, IT, science, life and style.
Trade Information
ecKorea
Guide to Korean market and recommended products and companies by Korean government authorities; provides on-line marketplace for people buying or selling their goods and meeting business opportunities with categorized product lists.
Asia Trade Hub
Website contents include general introduction of South Korea, economic data, infrastructure, energy, banking, travel, trade, tax structure and important contacts.
International Employment Opportunities
South Korea Jobs
Employment in South Korea
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